Gabung/ Daftar

Yuan Fixing Hits Near Two-Week High As Dollar Index Eases

01/09 09:46

The yuan's midpoint against the U.S. dollar was set at 6.7809 on Monday, up 19 pips from the previous trading day and its highest level since August 20, though it was about 640 pips weaker than market expectations. The onshore yuan opened 3 pips lower at 6.7201, after closing at 6.7198 on the previous trading day. The dollar index fell after a volatile session, giving back part of the rebound triggered by Federal Reserve Chair Kevin Warsh's hawkish remarks on Friday, according to ETNet. Market participants said investors are continuing to reassess the Fed's policy path, while U.S. Treasury yields have been edging higher. They are now watching this week's U.S. nonfarm payrolls data. China Merchants Bank's financial markets team said Warsh's hawkish comments helped restore expectations for Fed rate hikes and supported a short-term dollar rebound. It added that August nonfarm payrolls and inflation data will be key, while medium-term pressure from the U.S. fiscal deficit, asset risk premia and political pressure ahead of the midterm elections should keep the dollar under downward pressure.

Bullish

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